\begin{table}[htbp]
\begin{center}
\caption{Law of Motion for Markups: Survey Data from New Zealand\label{tab:nz_results}}
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{2}{c}}
\hline\hline
          &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}\\
          &\multicolumn{1}{c}{Markup}&\multicolumn{1}{c}{Markup}\\
\hline
Expected size of next price change&   -0.178\sym{***}&    0.025         \\
          &  (0.062)         &  (0.090)         \\
[1em]
Expected growth in sales&    0.163\sym{**} &   -0.037         \\
          &  (0.082)         &  (0.107)         \\
\hline
\(R^{2}\) &    0.118         &    0.153         \\
Industry FE&      Yes         &      Yes         \\
Number of competitors&2 $\leq$ competitors $\leq$ 20         & 2 $>$ 20         \\
\(N\)     &      495         &      200         \\
\hline\hline
\end{tabular}
\end{center}
\footnotesize{$*p < 0.10, ** p < 0.05, *** p < 0.01$; robust standard errors. The table reports the coefficients for the regression specified in Equation (\ref{eq:reg_NZ}) allowing for industry fixed effects. The first column reports the coefficients for firms that report less than 20 but more than 2 competitors. Second column reports the coefficients for firms that report more than 20 competitors.}
\end{table}
